El Salvador plans to create the first "Bitcoin City" backed by Bitcoin contracts

According to reports from CNN and REUTERS, El Salvador plans to build its first "bitcoin city" backed by a Bitcoin contract.

There is no tax other than VAT (value added tax) in the city. When the plans were announced on Saturday, Salvadoran President Nayib Bukele said: "Go on, invest and earn the money you want."

The president compared his plans for a city founded by Alexander the Great and said that Bitcoin City would be a model with an airport, a zone and a business center, and a base place similar to that of Bitcoin as seen in the sky.

Blockstream CSO Samson Mow said El Salvador would announce $ 1 billion in contracts, half of which will go to buying Bitcoin, and start selling quarterly in five years.

The bonds were launched on the Liquid Network, a Bitcoin side chain developed by Blockstream, and launched on the Bitfinex Securities platform.